The price of MANTRA has been going up, spiking by more than 16% today and 100% in the last 7 days. The price is now moving upward again after a period of consolidation and then downward trading on the 4 hours timeframe. What has been making the price spike?
Community Support Drives Optimism
X user @killerg124, named Rayan, posted that the MANTRA token $OM appears ready for a significant price increase, stating “Breakout confirmed!” This indicates bullish sentiment amongst investors and traders that the token’s price uptrend will continue.
Additionally, the official MANTRA X account @MANTRA_Chain shared news that a DAO governance proposal was passed with 99.95% approval to make $OM the native token of the MANTRA blockchain. This shows overwhelming support from the decentralized community to further utilize $OM within the ecosystem.
Influencers Foresee Exponential Growth Potential
X user @marlies_veen, named Marlies van Veen, boldly predicted that the current $3 million market cap altcoin is poised for significant gains in 2024, even calling it “a gem” with a “far better” roadmap than most top crypto projects. Comments like these from influencers in the space can draw further attention to lesser-known tokens like $OM and feed investor hype.
Taken together, these positive signals appear to be driving increased demand and thus rate spikes for $OM so far this week. With community and influencers on board, 2024 could see this altcoin gain much more traction.
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